Pension Fund Takes Neighborly Advice

By

Michael Corkery and

Kirsten Grind

June 20, 2013 8:04 p.m. ET

When officials with Montgomery County, Pa., became troubled by their pension fund's investment fees and recent performance, they turned to a neighbor for advice. His take: Park money in low-cost index funds.

And that is what they are doing, a move that highlights the growing frustration many pension officials feel toward expensive Wall Street investment managers. The county is now shifting nearly all its $470 million in pension assets...